The Asian Development Bank says Samoa's new Personal Property Securities Act will make it easier for people and businesses to secure loans, obtain credit, and conduct business.
The ADB supported the drafting of the legislation, which it says was prepared following extensive local consultations in Apia and other districts.
Samoa's Registrar of Companies and the chief executive of the Ministry of Commerce, Industries and Labor, Auelua Enari, says the new Act will help small businessed and those people just starting out who may have the skills but not sufficient assets to secure a loan.
The regional director of the ADB's Pacific Liaison Office, Andrea Iffland, says it will allow people to make safer and more informed purchases of vehicles, farm equipment, and other moveable assets.
The Act is part of the Government's move to modernise business laws and increase access to finance.